Prefilled Syringes Market Analysis,
Market Size, In-Depth
Insights, Growth and Forecast 2031
Global prefilled syringes market size expected to reach US$41.85 Bn by 2030, up from US$18.7 Bn attained in 2022. Market revenue likely to witness a CAGR of 12.2% between 2023 and 2030.
Quick Report Digest
The global prefilled syringes market is set to experience substantial growth, driven by the increased demand for biologics and biosimilars, which require precise dosing and lower the risk of contamination. Prefilled syringes have become an excellent option for administering these therapies, contributing to the market's expansion.
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Another critical trend fueling market growth is the development of safety features in prefilled syringes, such as auto-injectors, needle shields, and tamper-evident seals, which enhance patient safety and reduce the risk of needlestick injuries. However, the high production costs and challenges in importing machinery in developing countries pose significant barriers to the global market.
Market Dynamics
Dominance of Safety Syringes
In 2022, the safety syringes segment dominated the industry. Safety syringes are designed to minimize the risk of needlestick injuries, a significant concern for healthcare workers. These syringes feature mechanisms that cover or retract the needle after use, reducing the chances of accidental needlesticks.
Precision with Single-Chamber Syringes
The single-chamber prefilled syringes segment also led the market in 2022. These syringes ensure accurate medication dosing and reduce the risk of medication errors due to their premeasured design. Their ready-to-use state enhances convenience for both patients and healthcare professionals.
Glass Syringes Lead the Market
Glass prefilled syringes were the top choice in 2022, frequently used for vaccinations and mass immunization drives. They guarantee precise dosing and minimize contamination risks.
Regional Insights
Europe Leads the Market
Europe is expected to account for the largest share of the global prefilled syringes market, driven by significant R&D investments and the growing prevalence of chronic disorders. The region's advanced healthcare infrastructure further supports market growth.
Rapid Growth in Asia Pacific
The Asia Pacific region is projected to experience rapid growth, fueled by a developing healthcare system and increasing demand for advanced drug delivery systems. The growing elderly population and technological advancements in the region contribute to this expansion.
Comparative Market Analysis
Past Performance and Future Outlook
The market for prefilled syringes witnessed steady growth during the historical period of 2018-2022. The increasing popularity of biologics and biosimilars, which require precise dosing, has driven the demand for prefilled syringes. Regular and controlled drug administration has become more critical due to the rising incidence of chronic diseases worldwide.
Key Growth Determinants
Expanding Aging Population
As the global population ages, there is a growing demand for healthcare services, including injectable drugs. Prefilled syringes provide a safer and more convenient way to administer medications to the elderly, who may struggle with manual injections.
Regulatory Support
Regulatory organizations such as the FDA and EMA recognize the benefits of prefilled syringes in enhancing drug safety and reducing medication errors. This regulatory support has encouraged pharmaceutical companies to adopt prefilled syringes.
Technological Developments
Continuous innovations in design and functionality have improved the performance and safety of prefilled syringes. Features such as auto-injectors and needle safety systems have made these syringes more popular among patients and healthcare professionals.
Growth of Generic Pharmaceuticals Market
The expanding generic drug market has increased the demand for cost-effective drug delivery systems. Prefilled syringes are preferred for generic medications due to their convenience and ease of use.
Major Growth Barriers
High Production Costs
The emphasis on prefilled syringes by leading market players has increased production efficiency but also raised costs. Small and medium-sized businesses face challenges in adopting complex manufacturing procedures and meeting stringent quality control standards, impacting the export industry.
Government Restrictions
The market heavily relies on high-quality glass for syringe barrels. Supply chain disruptions and shortages can affect production schedules and delay product availability. Additionally, certain medications may not be compatible with prefilled syringe components, limiting their use.
Key Trends and Opportunities
Increased Demand for Biologics and Biosimilars
The growing popularity of biologics and biosimilars has boosted the demand for prefilled syringes, which offer precise dosing and lower contamination risks. Prefilled syringes facilitate self-care for chronic illnesses, reducing dependence on healthcare professionals.
Innovations in Drug Delivery Systems
Ongoing innovations in materials, designs, and technologies are enhancing the safety and usability of prefilled syringes. Features like auto-injectors and needle shields improve patient safety and reduce the risk of needlestick injuries.
Competitive Landscape
Leading Market Players
The global prefilled syringes market is consolidated, with a few major players dominating. Key players are introducing new products and expanding their distribution channels to enhance their global presence. Companies such as Stevanato Group SPA, Baxter Healthcare Corporation, and Gerresheimer AG are leading the market.
Significant Developments
New Product Launches
In July 2022, Owen Mumford Pharmaceutical Services received approval for its 1mL UniSafe safety device for prefilled syringes in Asia and Europe. Similarly, in July 2021, West Pharmaceutical Services introduced the NovaGuard SA Pro Safety System, a single-use accessory for prefilled syringes.
Distribution Agreements
In May 2021, the prefilled syringes market saw increased revenue due to the rising prevalence of chronic diseases such as diabetes. According to the International Diabetes Federation, there were approximately 463 million adults with diabetes globally in 2019.
Future Prospects
The market for prefilled syringes is expected to continue its growth trajectory, driven by the expanding pharmaceutical industry and increasing demand for advanced drug delivery systems. The rising prevalence of chronic diseases and the growing aging population will further boost market growth.